Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+' - S&P Global Ratings’ Credit Research

Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+'

Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+' - S&P Global Ratings’ Credit Research
Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+'
Published Nov 23, 2011
1867 words — Published Nov 23, 2011
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

We believe that Dexia Crédit Local (DCL)'s liquidity has suffered due to the outflow of funds in the past month and lost access to wholesale markets. The European Commission on Oct. 17, 2011, opened an investigation following the second round of state aid to Dexia group, and we believe this could result in a debt restructuring detrimental to subordinated bondholders. We are lowering our assessment of the stand-alone credit profile to 'b+' from 'bbb-' because of our view of liquidity as weak, according to our criteria. We are lowering the subordinated debt ratings to 'B-' from 'BBB+'. We are revising the CreditWatch implications on the 'A-/A-2' issuer credit ratings to negative from developing. The negative implications reflect our assessment of

  
Brief Excerpt:

RESEARCH Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+' Publication date: 23-Nov-2011 Primary Credit Analyst: Taos Fudji, Milan (39) 02-72111-276;...

  
Report Type:

Research Update

Ticker
224207Z@FP
Issuer
Dexia
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
France
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+'" Nov 23, 2011. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CreditWatch-On-Dexia-Credit-Local-Revised-To-Negative-Subordinated-Debt-Rating-Lowered-To-B-SACP-Revised-To-b-916962>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'b+' Nov 23, 2011. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CreditWatch-On-Dexia-Credit-Local-Revised-To-Negative-Subordinated-Debt-Rating-Lowered-To-B-SACP-Revised-To-b-916962>
  
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